LOANS for Biomedical Research Act
Latest action · May 21, 2021 Referred to the Subcommittee on Health.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 20, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Long-term Opportunities for Advancing New Studies for Biomedical Research Act or the LOANS for Biomedical Research Act
This bill requires the Department of Health and Human Services (HHS), in consultation with the Department of the Treasury, to establish the Biobonds Program to support loans for clinical trials for eligible drugs and medical devices.
Specifically, Treasury must contract with institutions to act as fiscal agents to carry out the program. Fiscal agents must (1) purchase loans made to borrowers engaged in eligible biomedical research activities, and (2) sell bonds comprised of such loans. HHS shall guarantee a portion of the bond payments.
An eligible borrower under this program is one conducting (or seeking to conduct) research related to a drug or device that is (1) intended to meet an unmet medical need; and (2) under investigation in certain types of controlled clinical trials, including a trial to investigate the safety and effectiveness of the drug or device.
HHS must issue rules relating to various aspects of the program, including rules concerning (1) which loans should be prioritized for purchase, (2) the terms and conditions of the loans, and (3) the size of each bond issuance. Treasury must issue rules relating to the program's underwriting practices and compensation for the fiscal agents.
The Government Accountability Office must periodically report to Congress on the program, including an analysis of the risk to the government in guaranteeing the bonds.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from May 20, 2021 to Sep 30, 2021; 11 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IN | André Carson | Original | May 20, 2021 |
| D-MS | Bennie G. Thompson | Original | May 20, 2021 |
| D-IL | Bradley Scott Schneider | Original | May 20, 2021 |
| R-PA | Brian K. Fitzpatrick | Original | May 20, 2021 |
| D-IL | Danny K. Davis | Original | May 20, 2021 |
| D-TN | Jim Cooper | Original | May 20, 2021 |
| D-CA | Mike Levin | Original | May 20, 2021 |
| D-AZ | Raúl M. Grijalva | Original | May 20, 2021 |
| D-GA | Sanford D. Bishop, Jr. | Original | May 20, 2021 |
| D-TN | Steve Cohen | Original | May 20, 2021 |
| D-AL | Terri A. Sewell | Original | May 20, 2021 |
| D-MA | Jake Auchincloss | May 28, 2021 | |
| D-NJ | Josh Gottheimer | May 28, 2021 | |
| R-FL | John H. Rutherford | Jun 16, 2021 | |
| D-AZ | Tom O'Halleran | Jul 1, 2021 | |
| D-NC | Deborah K. Ross | Jul 19, 2021 | |
| D-CA | Jared Huffman | Aug 24, 2021 | |
| D-PA | Michael F. Doyle | Sep 27, 2021 | |
| D-NC | G. K. Butterfield | Sep 30, 2021 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Energy and Commerce Committee | Referred May 20, 2021 |
| Health Subcommittee | Referred May 21, 2021 |
Actions 3
Everything that happened, newest first.
- May 21, 2021Referred to the Subcommittee on Health.
- May 20, 2021Introduced in House
- May 20, 2021Referred to the House Committee on Energy and Commerce.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 88, May 20, 2021, page H2654.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R46901 | Advanced Research Projects Agency for Health (ARPA-H): Potential Questions for Consideration Archived | Report | Sep 23, 2021 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Secretary of Health and Human Services to guarantee BioBonds in order to provide funding for loans to eligible biomedical companies and universities to carry out clinical trials approved by the Food and Drug Administration, and for other purposes.
- Short Title(s) as Introduced
- LOANS for Biomedical Research Act
- Long-term Opportunities for Advancing New Studies for Biomedical Research Act
Subjects
Assigned by the Library of Congress. Policy area: Health.
Text 1
Each version as it was printed, newest first.
- May 20, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
